On 12 December 2019, the European Securities and Markets Authority (ESMA) issued its second annual report on sanctions imposed by the National Competent Authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.
Under the UCITS Directive, NCAs can impose sanctions for breaches of its requirements, such as on management companies and depositaries in addition to information provided to investors. NCAs submit data on the use of sanctions to ESMA, which forms the basis of the annual combined report.
Cyprus did not impose any sanctions during the 2018 reporting period together with Belgium, Denmark, Estonia, Finland, Germany, Hungary, Ireland, Latvia, Lithuania, Malta, Netherlands, Romania, Slovakia, UK, Lichtenstein and Norway. Whereas, Luxembourg reported that two penalties were imposed.
This report contains an overview of the valid legal framework and information on the penalties and measures imposed by NCAs in accordance with Article 99e of the UCITS Directive from 1 January 2018 to 31 December 2018.
ESMA’s annual report on sanctions for UCITS can be found here.